Savings Accounts That Actually Have Good Interest Rates
Savings accounts are typically the best place to put money if you're planning to save it. It has to do with the interest rates that differ between a checking account and a savings account! Why does this matter? When you put your money in a savings account, you're essentially lending that money to the bank holding the account. Because of this, you'll be paid interest based on the amount of money you've put in the account and the length of time that money is in it. When trying to find the right savings account with good returns, consider the bottom line when it comes to the account fees. Banks that only operate online usually have better rates because they don't have to maintain physical bank branches.
Search for the details on the best savings accounts available with great interest rates now.
Vio Bank High Yield Online Savings Account
Vio Bank's High Yield Online Savings account has one of the highest interest rates out there. This savings account has an impressive annual percentage yield (APY) of 1.50%. This savings account has a daily compound rate, which means your money will grow faster than if the compound rate was monthly or yearly.
Vio Bank requires an initial deposit of $100 to open the High Yield Savings account. Even though there's a minimum deposit to enroll, all funds deposited in the account are subject to the APYs. This account doesn't have any extra fees for incoming international or domestic wire transfers. There's no monthly fee to have this account, but it will cost $5 per month if you have 12 consecutive months without a single transaction. You can also send a domestic wire transfer from this account for $30.
Citi Bank Accelerate Savings
The annual percentage yield for the Citi Bank Accelerate Savings account clocks in at 1.40%. Citi Bank doesn't require a minimum amount of money to open this type of savings account. This savings account offers free access to over 60,000 ATMs across the United States. There's a monthly service fee of $4.50 for accounts that do not keep an average monthly balance of over $500.
There's a standard limit of 6 money transfers out of this savings account per month. Citi Bank allows money transfers from your non-Citi Bank accounts to your savings account at no extra charge to make deposits more convenient. The Citi Bank mobile app is an added perk to the Accelerate Savings account. It allows you to perform almost all banking functions directly from your mobile device.
Comenity Direct High Yield Savings Account
The next option for a high-interest rate savings account is the Comenity Direct High Yield Savings account, which has an APY of 1.35%. Comenity Direct requires an initial deposit of at least $100 to open a High Yield Savings account. The funds in this savings account are compounded and accrued each day, which makes for higher returns than traditional savings accounts. The interest on your funds in this savings account is credited to your account and posted once a month.
Incoming wire transfers to this savings account are free of charge, and this account doesn't charge a monthly maintenance fee. If you choose to have paper statements over online statements, it will cost $5 a month with this savings account. There is a maximum deposit limit on the balance of this account of $10 million for each account holder. You can send an outgoing wire transfer from this account for $25.
UFB High Yield Savings Account
If you want to put large amounts of money in a savings account to maximize your interest earnings, the UFB High Yield Savings account is the best solution. The APY for the UFB High Yield Savings account is 1.51% on balances exceeding $10,000. UFB doesn't charge any monthly service or maintenance fees for this account. No minimum deposit is required to open this type of account with UFB. This means you can open the account with any dollar amount. Still, you won't start earning via interest unless your balance exceeds $10,000.
This account provides an ATM card at no extra charge. UFB offers access to banking through its mobile app, internet browser website, and through SMS messaging. There's no charge to make mobile check deposits into this account. This means you can take pictures of your physical paper check and deposit them into your savings account online.
Varo High Yield Savings Account
The Varo High Yield Savings account is the best choice for those who are really trying to maximize their interest earnings. This account provides returns with an APY of 1.41%. This rate doesn't require a minimum balance, and there's no minimum deposit needed to open this account with Varo. The Varo High Yield Savings account doesn't have monthly maintenance or service fees. When specific requirements are met, this savings account can provide returns of a 2.80% APY instead of 1.41% APY.
To benefit from this exceptional APY, you must make a minimum of 5 Varo Visa card purchases every month. You must also have direct deposits into the account of at least $1000 each month. Finally, you must keep your daily account balance under $10,000. There's no minimum account balance to benefit from the higher APY rate as long as you meet the other requirements. It makes this account one of the best for interest rates!